GBP/CAD Down 53 Pips in Last 4 Hours, Moves Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

GBP/CAD 4 Hour Price Update

Updated June 18, 2020 09:07 AM GMT (05:07 AM EST)

GBP/CAD is down 53 pips (0.31%) since the previous 4 hours (opening the current 4 hour candle near 1.6973), marking the 2nd candle in a row it has gone down. Those trading within the Forex asset class should know that GBP/CAD was the worst performer in the class.

GBP/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/CAD is up 6 pips (0.04%) since the previous day (opening today near 1.70364), marking the 2nd day in a row it has gone up. Out of the 40 instruments in the Forex asset class, GBP/CAD ended up ranking 18th for the day in terms of price change. Let’s take a look at price chart of GBP/CAD.

GBP/CAD Technical Analysis

Coming into today GBP/CAD is now close to its 20, 50, 100 and 200 day averages, located at 1.7016, 1.7168, 1.7228 and 1.7187 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 20.4 pips away. Or to simplify this another way, note that out of the past 10 days GBP/CAD’s price has gone up 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 15 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 7.5, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hello traders,Last time we have idea on this pair base on dialy downtrend channel has hit its target with 200 pips….https://www.tradingview.com/chart/GBPCAD/uXFTr4dy-1205-WKP7-GBPCAD-looking-down-for-1472-pips-on-weekly-chart/This is a slow pair that you would better check on daily chart to find out signals….Good luck on this pair with patience.